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In an episode of "The West Wing," the deputy chief of staff took on the task of determining how to fund alternative energy. He thought it would be easy enough to sit down representatives from the different industries to hear their cases, and then select how the available funds could be allocated. Instead, he left the meeting overwhelmed and without direction.
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While fiction, the episode wasn't too far off from the truth, according to some experts. There are great opportunities for innovation in the world today, but the U.S. may be on the path to losing its leadership role.
The question of innovation was raised at a panel discussion on "China, India and U.S., Partners and Competitors" at the 63rd annual Conference on World Affairs, hosted by the University of Colorado at Boulder. "There's a lot the U.S. can learn from China when it comes to modern business planning," says panelist Ted Nace. Nace serves on the advisory board of MAPLight, a nonpartisan organization tracking the influence of money on federal and state politics.
China picks a target and drives toward it; the U.S., on the other hand, tries to "coax innovation," Nace says. "The sense of urgency isn't there."
And over the past five years, China has fostered that sense of urgency, fighting to establish itself as an economic powerhouse. The country recently surpassed Germany as the top exporting nation and has made significant strides toward integrating itself into the global supply chain.
Nace doesn't suggest the U.S. completely mimic China on fueling and funding innovation. After all, a strong, single-source driver can stifle innovation just as effectively as it can drive it.
If the U.S. wants to maintain its position as a leader in innovation, it may need to take a more direct approach.
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